Essay
Figure 1.2
Using the figure above, identify the labeled part.
-Label M: ______________________________
Comprehend consumer behavior in relation to product pricing and the utilization of digital tools for price comparison.
Grasp the dynamics of pricing strategies such as dynamic pricing and how it’s applied in various sectors.
Identify different pricing tactics aimed at optimizing sales and understand the rationale behind each.
Study the effects of seasonality on pricing decisions and strategies.
Definitions:
Cheat
The act of acting dishonestly or unfairly in order to gain an advantage, especially in a game, examination, or competition.
Collusion
A secret or illicit cooperation or conspiracy, especially between parties to deceive or defraud others, often used in the context of businesses agreeing on prices.
Marginal Cost
The expenditure involved in the production of one more unit of a product or service.
Fixed Cost
Costs that do not vary with the level of output produced, such as rent, salaries, and insurance premiums.
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